Riot Tangent: Every Bit Of Q1 Was “Trust Our Future Plans (AGAIN!)” — But They Lost A Half-Billion Dollars, In 3 Months! Yikes.

Yes, this is absolutely the worst quarter Mr. Les has ever disclosed.

The current cost to mine one Bitcoin, including the depreciation of his rigs, is about 126% of the price of Bitcoin.

That is — he is losing $26,000 — on every $100,000 worth of Bitcoin he mines/sells off.

And to top it all off, over the past two years (Riot doesn’t disclose pay until about 16 months after a year ends), on average, Riot’s board has paid Mr. Les a little over $30 million PER YEAR to run up about a $1.8 BILLION accumulated deficit.

Holy shit.

This is… madness. And they fired the guy in charge of… “the future” — the chief data center honcho, at left (but gave him very generous severance).

More tomorrow. Damn.